No Sale of Temporary Dominium utile including Movable Items

No.. 76 Today the twenty-fifth (25 th ) day of August of the year two thousand and fourteen (2014). Before me Doctor of Laws Marco Burlo a, Notary Public, duly admitted and sworn, have personally appeared and identified themselves according to law, by means of the hereunder mentioned official documents: The Parties (and each a Party ) Of the first part: Doctor of Laws Joseph known as Joe Bugeja, Director Land Department and Commissioner of Land, son of the late George Bugeja and of the late Philippa nee Carabott, born in Attard on the 23rd April 1969 and residing at Tarxien, holder of identity card number 181569M who appears on this deed in his capacity of Commissioner of Land in the name and on behalf of the Government of Malta, duly appointed by Legal Notice four hundred and thirty six of the year two thousand and thirteen (L.N.436/2013) issued in the Government Gazette of the sixth day of December of the year two thousand and thirteen (06/12/2013) and by Government Notice number one hundred and one (G.N. 101) issued in the Government Gazette of the twenty eighth day of January of the year two thousand and fourteen (28/01/2014) and in accordance with The Public Administration Act, Chapter four hundred and ninety seven (Chapter 497) of the Laws of Malta (in this deed the Government of Malta, as represented by the Commissioner of Land is referred to as either the Purchaser or the Government ). Sale of Temporary Dominium utile including Movable Items Reductions Enrolled in the Public Registry Malta on the: Registration Number 2014 Vol. I. 2014 (WPP) Vol R 2014 1

Of the second part: Fredrick Azzopardi, engineer, identity card number 152076M, a son of Emanuel and Carmen Agius born in Attard on the 31 st December 1975, and residing at Rabat, Malta who appears on this deed in the name and on behalf of Enemalta Corporation, a public corporation established by virtue of the Enemalta Act, Chapter two hundred and seventy two (272) of the Laws of Malta, having its principal business address at Central Administration Building, Church Wharf, Marsa MRS 1000, Malta, in his capacity as representative of the Corporation, authorised by the document mentioned hereunder as duly authorised by virtue of a resolution of the board of directors of the Corporation a copy of which is annexed to this deed and marked document letter A (in this deed Enemalta Corporation is referred to as the Corporation.) Of the third part: Doctor of Laws Pierre Attard, a Notary Public, son of the late Doctor of Laws Anthony Attard and of the late Giovanna Pia known as Janey nee Galea, born in Sliema on the 20 th September, 1959 and residing at number sixty (60), Triq il-kokka, Kappara, San Gwann, holder of identity card number 612359M who appears on this deed in the name and on behalf of Vault Finance Limited, a limited liability company registered in Malta with registration letter C numbers five eight eight one zero (C58810) and having its registered office at twenty nine stroke ten (29/10), Vincenti Buildings, Strait Street, Valletta, as duly authorised by virtue of a joint resolution of the sole director and holder of the Ordinary A shares of the company a copy of which is annexed to this deed and marked document B (in this deed Vault Finance Limited is referred to either as the Vendor or as Vault Finance ). 2

Of the fourth part: James Piscopo, Chairman of the Authority for Transport in Malta, holder of identity card number 225578M, a son of Mario Piscopo and Giovanna Piscopo nee Gambin born in Pieta on the 11 th May 1978 and residing at Marsaskala, together with: Architect Christopher Cachia, a son of Joseph and Mary nee Bonello, born in Pieta on the 4 th April 1967 and residing at Zejtun identity card number 156867M who appear on this deed in the name and on behalf of the Authority for Transport in Malta, a body corporate established by virtue of the Authority for Transport in Malta Act, Chapter four hundred and ninety nine (499) of the Laws of Malta, having its principal business address at Transport Malta Centre, Marsa, MRS 1917, as duly authorised by virtue of a resolution of the Board of Directors of the Authority for Transport in Malta annexed to this deed as a document marked with the letter C (in this deed the Authority for Transport in Malta is referred to as the Transport Authority ). Of the fifth part: Alfred Camilleri, Permanent Secretary of the Ministry of Finance, the Economy and Investment, a son of the late Joseph Camilleri and of the late Giovanna nee Micallef, born in Mosta on the 08 th June 1959 and residing at Mosta, holder of identity card number 404059M, who appears on this deed in the name and on behalf of the Government of Malta, as duly authorised in his aforesaid capacity as Permanent Secretary (in this deed, the Government of Malta as represented by Alfred Camilleri is referred to as the Guarantor ). 3

Definitions In this deed, unless otherwise expressly stated or the contrary intention appears and in addition to any other definitions contained elsewhere in this deed, the following terms shall have the following meanings respectively assigned to them: ATM Act means the Authority for Transport in Malta Act, Chapter four hundred and ninety nine (499) of the Laws of Malta or any other enactment substituting or amending the ATM Act. Bank of Valletta or BOV means Bank of Valletta p.l.c., a public company registered in Malta with registration number letter C two eight three three (C 2833) and registered office at fifty eight (58), Zachary Street, Valletta VLT 1130, Malta. Corporation means the above mentioned and described Enemalta Corporation. Deed of Hypothecary Security means the public deed in the records of Notary Pierre Attard of the thirty first day of December of the year two thousand and twelve (31/12/2012) entered into between inter alia the Guarantor and Vault Finance by virtue of which, inter alia, Vault Finance granted to the Government the Guarantee Special Hypothec, deed number one hundred and fifty two (152). Dominus means the pro tempore dominus of the temporary dominium directum of the Marsa Power Station, who as at the date of this deed is the Government. Emphyteuta means the pro tempore utilista of the temporary dominium utile of the Marsa Power Station, 4

who as at the date of this deed is Vault Finance and pursuant to this deed shall be the Government. Emphyteutical Grants means both the First Emphyteutical Grant and the Second Emphyteutical Grant. Enemalta Act means the Enemalta Act, Chapter two hundred and seventy two (272) of the Laws of Malta, or any other enactment substituting or amending the Enemalta Act. Facility means the euro term loan facility in an aggregate amount not exceeding three hundred and eighteen million five hundred thousand euro (EUR318,500,000) made available by the Lenders to Vault Finance under the Facility Agreement. Facility Agreement means the syndicated euro term loan facility dated the thirty first day of December of the year two thousand and twelve (31/12/2012) and entered into between Bank of Valletta as original lender and as Mandated Lead Arranger (as this term is defined in the Facility Agreement), Agent (as this term is defined in the Facility Agreement) and as Security Trustee (as this term is defined in the Facility Agreement) and Vault Finance as borrower, as it may be amended, varied, and/or supplemented from time to time. First Emphyteutical Grant means the temporary emphyteutical grant made by the Government to the Corporation by virtue of the Title Deed. Ground-rent means the total annual temporary and revisable ground-rent burdening the Marsa Power Station in terms of the Emputeutical Grants. Government means the Government of Malta. 5

Guarantee Fee means the fee paid/payable by Vault Finance to the Guarantor in the manner and at the time specified in Schedule 1 annexed to the RORA in consideration of the Guarantor issuing the Letter of Guarantee. Guarantee Special Hypothec means the special hypothec/s registered over the temporary dominium utile over each of the Designated Properties (as this term is defined in the Title Deed) in favour of the Guarantor in order to secure the due and punctual payment of the Secured Obligations. Guarantor means the Government of Malta. Immovable Things means all buildings, structures, developments, infrastructure, facilities, installations, equipment, plant and machinery and other improvements, now existing, or which in the future may exist (as the context requires), within the boundaries of the Marsa Power Station whether installed, constructed or erected on, in or under the Marsa Power Station or which otherwise appertain to the Marsa Power Station, but to the extent only that they are considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta and whether such buildings, structures, developments, infrastructure, facilities, installations, equipment, plant and machinery and other improvements are mentioned or otherwise in the description of the Marsa Power Station in these Definitions. Land Registry means the office in Malta constituted by virtue of the Land Registration Act, Chapter two hundred and ninety six (296) of the Laws of Malta, for the purposes of registration of title to land. Lease means the lease made by Vault Finance to the Corporation by virtue of the Lease Agreement. 6

Lease Agreement means the lease agreement incorporated in the Seventh Part of the Title Deed by virtue of which Vault Finance leased to the Corporation the various immovable properties therein described, including, inter alia, the Marsa Power Station together with the Movable Items in consideration of the Rent and for the Term and under the other terms and conditions stated therein. Lenders means: (a) any one of Bank of Valletta as original lender and party to the Facility Agreement; and (b) any other person who has become a lender in accordance with the terms of the Facility Agreement; whom in each case has not ceased to be a party to the Facility Agreement in accordance with its terms. Letter of Guarantee means the unconditional and irrevocable letter of guarantee dated the thirty first day of December of the year two thousand and twelve (31/12/2012) issued and addressed by the Government to, and accepted by, Bank of Valletta as Security Trustee on the thirty first day of December of the year two thousand and twelve (31/12/2012), whereunder the Government guaranteed to the Security Trustee for the benefit of the Lenders the repayment of all or any amounts owing by Vault Finance under the Facility Agreement. Malta means the Island of Malta, the Island of Gozo and the other islands of the Maltese Archipelago, including the territorial waters thereof. Marsa Power Station means the complex without official number known as the Marsa Power Station, situated in the locality known as Xatt il-qwabar at 7

Marsa, which complex, as one complete entity, consists of: (a) The site at Marsa accessible from a main gate without number in the public road named Il-Moll Tal- Knisja and also from a secondary gate without number in the public road named Il-Moll Tal-Pont; this site has other utility entrances without number in the above mentioned public road named Il-Moll Tal-Pont and in the unnamed road which links the public road named Il-Moll Tal-Knisja with Triq Belt Il-Ħażna and several other gates without number in the security fence which separates the site from the quay named Il-Moll Tal- Knisja, which quay is situated on the Southern side of the site; this site is shown dotted in red within a red outline on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes the buildings, structures, chimneys and other improvements considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, all without official number, situated within the boundaries of the site; this site (inclusive of the aforesaid buildings, structures, chimneys and other improvements and excluding the sites which are within the boundaries of, or contiguous with, this site but are described separately in the immediately following subparagraphs marked (b), (c), (d), (e) (f) (g) (h), (i), (j) and (k) and the buildings, structures, chimneys and other improvements therein) has a superficial area of approximately sixty three thousand and thirty four square metres (63,034sq.m.) and is bounded on the South West by the public road named Il-Moll Tal- Knisja, on the West in part by an unnamed road which links the public road named Il-Moll Tal-Knisja with Triq Belt Il-Ħażna and in part by Triq Belt Il-Ħażna and in part by property of unknown third parties, on the North by Triq Belt Il-Ħażna, on the North East by the public road named Il-Moll Tal-Pont, on the South East 8

by property of the Government or of its successors in title and on the South by the quay named Il-Moll Tal- Knisja property of the Government. (b) The site at Marsa, bounded on the West and East by the sites described in sub-paragraph (c) below and surrounded on all other sides by the site described in sub-paragraph (a) above; this site does not have a frontage on any public road and is accessible through the site described in sub-paragraph (a) above; this site is shown shaded in yellow within a red outline on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes all the buildings and other improvements therein considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, all without official number, situated within the boundaries of this site; this site (inclusive of the aforesaid buildings and other improvements) has a superficial area of approximately sixty seven square metres (67sq.m.); this site was formerly occupied by the premises officially numbered fifty seven (57) in the public road named Il-Moll Tal- Knisja, Marsa. (c) The site at Marsa consisting of two separate areas separated by the site described in sub-paragraph (b) above, namely: (i) the area shown marked with green transversal lines within a red outline and marked with the letter a on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes the buildings and other improvements therein considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, all without official number, situated within the boundaries of this area; this area (inclusive of the aforesaid buildings and other improvements) has a superficial area of approximately 9

one hundred and seventy square metres (170sq.m.) and is bounded on the East by the aforesaid site described in sub-paragraph (b) above and on all other sides by the site described in sub-paragraph (a) above; this area does not have a frontage on any public road and is accessible through the aforesaid site described in subparagraph (a) above; and (ii) the area shown marked with green transversal lines within a red outline and marked with the letter b on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes the buildings and other improvements therein considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, all without official number, situated within the boundaries of this area; this area (inclusive of the aforesaid buildings and other improvements) has a superficial area of approximately two hundred square metres (200sq.m.) and is bounded on the West by the aforesaid site described in sub-paragraph (b) above and on all other sides by the site described in sub-paragraph (a) above; this area does not have a frontage on any public road and is accessible through the aforesaid site described in sub-paragraph (a) above; this site (namely the two areas described in this sub-paragraph) was formerly occupied by the premises officially numbered fifty four (54), fifty five (55), fifty six (56), fifty eight (58), fifty nine (59), sixty (60) and sixty one (61) in the public road named Il-Moll Tal-Knisja (formerly Church Wharf). (d) The site at Marsa shown marked with blue dots within a red outline and marked as Site E on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes the buildings and other improvements therein considered immovable things in terms of the Civil Code, Chapter sixteen (16) 10

of the Laws of Malta, all without official number, situated within the boundaries of this site; this site (inclusive of the aforesaid buildings and other improvements) has a superficial area of approximately nine hundred and ninety six square metres (996sq.m.) and is bounded on all sides by the site described in subparagraph (a) above; this area does not have a frontage on any public road and is accessible through the aforesaid site described in sub-paragraph (a) above. (e) The site at Marsa shown marked with blue dots within a u shaped red outline and marked as Site B on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes the buildings and other improvements therein considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, all without official number, situated within the boundaries of this site; this site (inclusive of the aforesaid buildings and other improvements) has a superficial area of approximately two hundred and forty square metres (240sq.m.) and is bounded on the North East by the public road named Il-Moll Tal-Pont and on all other sides by the site described in sub-paragraph (a) above; this site has a frontage on the public road named Il-Moll Tal-Pont and is also accessible through the aforesaid site described in sub-paragraph (a) above; this site was formerly occupied by the premises officially numbered thirty five (35) and thirty six (36) in the public road named Il-Moll Tal-Pont. (f) The site at Marsa known as the Gas Turbine accessible from an unnumbered entrance in the public road named Il-Moll Tal-Pont and also from the site described in sub-paragraph (a) above; this site is shown marked with blue dots within a red outline and marked Site C on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one 11

underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes the buildings and other improvements therein considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, all without official number, situated within the boundaries of this site; this site (inclusive of the aforesaid buildings and other improvements) has a superficial area of approximately six hundred and twenty seven square metres (627sq.m.) and is bounded on the North East by the public road named Il-Moll Tal-Pont and on all other sides by the site described in sub-paragraph (a) above; this site has a frontage on the public road named Il-Moll Tal-Pont and is also accessible through the aforesaid site described in sub-paragraph (a) above; this site was formerly occupied by the premises known as the Old Mill Premises officially numbered twenty five (25), twenty six (26), twenty seven (27) and twenty eight (28) in the public road named Il-Moll Tal-Pont (formerly Bridge Wharf); this site does not include the divided part of the above mentioned premises known as the Old Mill Premises measuring approximately nineteen point zero eight square metres (19.08sq.m.) which the Corporation sold to Triticum Limited by deed in the Records of Notary Carmelo Mangion of the seventh day of December of the year one thousand nine hundred and ninety three (7/12/1993) and for this reason the superficial area of this site indicated on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 is greater than the superficial area stated in this sub-paragraph. (g) The site at Marsa shown marked with blue dots within a triangular shaped red outline and marked Site F on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes the 12

buildings and other improvements therein considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, all without official number, situated within the boundaries of this site; this site (inclusive of the aforesaid buildings and other improvements) has a superficial area of approximately one hundred and two square metres (102sq.m.) and is bounded on the West by a public road which links the public road named Il-Moll Tal-Knisja with Triq Belt il- Ħazna and on all other sides by the site described in sub-paragraph (a) above; this site has a frontage on the above mentioned public road which links the public road named Il-Moll Tal-Knisja with Triq Belt il-ħazna and is also accessible through the aforesaid site described in sub-paragraph (a) above; this site forms part of a larger area in Jesuits Hill, Marsa which was originally acquired by the Malta Electricity Board. (h) The site at Marsa shown marked with blue dots within a red outline and marked Site D1 on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 ; this site is used as a private road and has a superficial area of approximately one hundred and eighty six square metres (186sq.m.) and is bounded on the North West by Triq Fra Diegu, on the South East by the tunnel described in sub-paragraph (i) below and on all other sides by property of the Government or its successors in title. (i) The tunnel at Marsa shown marked with dark blue transversal lines within a red outline on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 ; this tunnel starts from the level of Triq Is-Sajjieda and extends upwards to a level of nine point two seven metres (9.27m.) above Triq Is- Sajjieda and has a superficial area of approximately two 13

hundred and thirty square metres (230sq.m.) and is bounded on the North West by the private road described in sub-paragraph (h) above, on the South East by another tunnel which is a continuation of this tunnel but is described separately in sub-paragraph (j) below and on the West and East by property of unknown persons; this site includes the space under the level of Triq Is-Sajjieda and does not include the airspace above the level of nine point two seven metres (9.27m.) above the level of Triq Is-Sajjieda; this site comprises the tunnel described in sub-paragraph (g) of paragraph 1. (one) of the definition of the Second Properties in the Title Deed as well as the spaces described in subparagraph (g) of paragraph 2. (two) of the definition of the First Properties in the Title Deed. (j) The tunnel at Marsa, which on the Southern side abuts onto the site described in sub-paragraph (a) above and on the Northern side abuts onto another tunnel which is a continuation of this tunnel but is described separately in sub-paragraph (i) above; this site is shown marked with cyan straight lines within a cyan outline on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes all improvements considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, situated within the boundaries of the site; this site (inclusive of the aforesaid improvements) has a superficial area of approximately two hundred and fifty square metres (250sq.m.), is ten metres (10m.) wide and starts from the level of Triq Is-Sajjieda and extends upwards to a level of nine point two seven metres (9.27m.) above the level of Triq Is-Sajjieda and is bounded on the South by the site described in subparagraph (a) above, on the North by another tunnel which is a continuation of this tunnel but is described separately in sub-paragraph (i) above, and on the West and East by property of the Government or of its 14

successors in title; this site includes the space under the level of Triq Is-Sajjieda and does not include the airspace above the level of nine point two seven metres (9.27m.) above the level of Triq Is-Sajjieda. (k) The tunnel at Marsa, which on the South Western side abuts onto the site described in sub-paragraph (a) above and on the North Eastern side abuts onto Sqaq il- Pont; this site is shown marked with orange crisscrossed lines within a red outline on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes all improvements considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, situated within the boundaries of the site; this site (inclusive of the aforesaid improvements) has a superficial area of approximately one hundred and seventy eight square metres (178sq.m.), starts from the level of Sqaq il-pont and extends upwards to a level of eight point two five metres (8.25m) above Sqaq il-pont and is bounded on the South West by the site described in sub-paragraph (a) above, on the North East by Sqaq il-pont and on all other sides by property of the Government or of its successors in title; the tunnel described in this subparagraph includes the space under the level of Sqaq il- Pont and does not include the airspace above the level of eight point two five metres (8.25m) above Sqaq il- Pont. (l) The building at Marsa known as the Carpenters Workshop, without official door number, in the public road named Il-Moll Tal-Pont, shown marked with blue transversal lines within a blue outline on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes all the improvements therein considered immovable things in 15

terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta; this building has a superficial area of approximately nine hundred and fifty five square metres (955sq.m.) and is bounded on the West, South West and South East by the public road named Il-Moll Tal-Pont, on the North West by property of the Government or of its successors in title and on the East and North East by the foreshore. (m) The site at Marsa known as the Diesel Tank Site, accessible from an unnumbered entrance in the public road named Il-Moll Tal-Pont; this site is shown hatched in brown transversal lines within a brown outline on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes the buildings, structures and other improvements considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, all without official number, situated within the boundaries of the site, this site (inclusive of the aforesaid buildings, structures and other improvements) has a superficial area of approximately four hundred and ninety square metres (490sq.m.) and is bounded on the North West and on the West by the public road named Il-Moll Tal-Pont, on the South East by property of the Government or of its successors in title and on the East by the foreshore. (n) The jetty at Marsa without number, known as the Coolant Intake Jetty, accessible from the public road named Il-Moll Tal-Pont; this site is shown marked with green transversal lines within a green outline on the plan indicated as P.D. No: 2011_89_8 (Property Drawing number two zero one one underscore eight nine underscore eight) annexed to the Title Deed as a document marked P2 and includes all improvements considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, situated within the boundaries of the site; this site 16

(inclusive of the aforesaid improvements) has a superficial area of approximately three hundred and twenty three square metres (323sq.m.) and is bounded on the South West by the public road named Il-Moll Tal-Pont and on all other sides by the sea. The Marsa Power Station includes all the respective rights and appurtenances of its several parts, including (save when expressly excluded) their overlying airspace and underlying land; the Marsa Power Station also includes the pipes, drains and culverts which abut from the Southern sides of the site described in subparagraph (a) above and extend to the sea through the adjacent gated quay named Il-Moll Tal-Pont (which pipes, drains and culverts are located in the areas indicated with the numbers 1 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 16 and 17 (one, two, three, four, five, six, seven, eight, nine, ten, eleven, twelve, thirteen, fourteen, fifteen, sixteen and seventeen) on the plan indicated as EMC/XZ/161 (letters EMC stroke letters XZ stroke one six one) annexed to the Title Deed as a document marked P25 )), the drain which abuts from the Eastern side of the site described in sub-paragraph (a) above and extends to the sea through the public road known as Il- Moll Tal-Pont (which drain is located in the area indicated with the number 19 (nineteen) on the above mentioned plan indicated as EMC/XZ/161), the rain water drain which abuts from the Eastern side of the building described in sub-paragraph (l) above and extends to the sea through the foreshore (which drain is located in the area indicated with the number 20 (twenty) on the above mentioned plan indicated as EMC/XZ/161) and the drain which abuts from the Eastern side of the site described in sub-paragraph (m) above and extends to the sea through the foreshore (which drain is located in the area indicated with the number 18 (eighteen) on the above mentioned plan indicated as EMC/XZ/161); the Marsa Power Station comprises immovable properties which are included in 17

the First Emphyteutical Grant and immovable properties which are included in the Second Emphyteutical Grant and is collectively subject to thirty seven thousand two hundred euro (EUR37,200) annual and temporary revisable ground-rent and to the applicable terms and conditions arising from the First Emphyteutical Grant and the Second Emphyteutical Grant. Movable Items means all the facilities, installations, tanks, pipe-works, equipment, plant and machinery situated in the Marsa Power Station, provided they are not considered immovable things in terms of the Civil Code, Chapter sixteen (16) of the Laws of Malta, and does not include stock-in-trade, furniture and fittings, office equipment and other movable items which are not used for the supply of electrical energy. POS Agreement means the promise of sale and purchase agreement and the option to purchase agreement incorporated in the Eighth Part of the Title Deed by virtue of which (a) Vault Finance promised to sell and the Government promised to purchase the temporary dominium utile of various immovable properties including, inter alia, the Marsa Power Station, by not later than the Termination Date (as this term is defined in the Eighth Part of the Title Deed)), for the price and under the other terms and conditions contained in the Eighth Part of the Title Deed and (b) Vault Finance granted to the Government the option to purchase the temporary dominium utile of the various immovable properties including, inter alia, the Marsa Power Station,, at any time up to and including the Option Termination Date (as this term is defined in the Eighth Part of the Title Deed) for the price and under the other terms and conditions contained in the Eighth Part of the Title Deed. RORA means the Right of Relief Agreement dated the thirty first day of December of the year two 18

thousand and twelve (31/12/2012) and entered into between the Guarantor and Vault Finance, in virtue of which the Guarantor and Vault Finance regulated between themselves the terms and conditions under which the Government agreed to the issuance of the Letter of Guarantee, a copy of which is annexed to the Deed of Hypothecary Security. Second Emphyteutical Grant means the temporary emphyteutical grant made by the Corporation to Vault Finance by virtue of the Second Part of the Title Deed. Security Trustee means BOV in its capacity of security trustee. Secured Obligations has the meaning assigned to the term in the RORA. Title Deed means the public deed in the records of Notary Pierre Attard of the thirty first (31 st ) day of December of the year two thousand and twelve (2012), deed number one hundred and fifty (150). Transaction means the series of transactions substantially as described in the Recitals of the Title Deed. Transport Authority means the above mentioned and described Authority for Transport in Malta. Vault Finance means the above mentioned and described Vault Finance Limited. Construction 1. In this deed, unless otherwise expressly stated or the contrary intention appears: a) words importing the masculine gender shall include the feminine gender and vice-versa and words 19

importing the neuter gender shall include the masculine and the feminine gender; b) references to a Recital, Part, heading, section, clause, paragraph, sub-paragraph, document, plan or schedule is to a Recital, Part, heading, section, clause, paragraph, sub-paragraph, document, plan or schedule of or annexed to the Title Deed and to this deed, as the as the subject and the context require; c) references to a person include references to any person, whether natural or legal and whether registered or not and whether incorporated or unincorporated, and includes (without limitation) an undertaking and this irrespective of citizenship, place of registration, residence or management; 2. The headings in this deed are inserted for convenience only and do not affect its construction. 3. The documents annexed to this deed or referred to as annexed to the Title Deed or any other public deed shall be construed to form a substantial and integral part of this deed and any reference to this deed or to the Title Deed or to any other public deed shall include a reference to the said documents. Recitals Whereas: (A) The Corporation had certain loans and other liabilities owing towards certain banks, credit or financial institutions (in the Title Deed referred to as the Current Debts and in this deed referred to as the Then Current Debts ) which were guaranteed by the Government. (B) The Corporation and the Government wished to implement a programmed refinancing of the Then 20

Current Debts and a scheduling of the payments owing by the Corporation thereunder and this pursuant to a series of transactions (in this deed already defined as the Transaction ). (C) The Transaction was and is regulated by the Title Deed and other deeds and agreements entered into on the same date of the Title Deed. (D) On the thirty first day of December of the year two thousand and twelve (31/12/2012): i. In virtue of the Title Deed, Vault Finance acquired from the Corporation the temporary dominium utile of several immovable properties including that of the Marsa Power Station (hereinafter referred to as the Designated Properties ) in the manner and for consideration as stated in the Title Deed. ii. Pursuant to the Facility Agreement, BOV granted the Facility to Vault Finance, and Vault Finance made a partial drawdown of the Facility for the purpose of financing the part of the consideration which was paid on the Title Deed, which consideration was utilised by the Corporation to repay part of the Then Current Debts. Also, in virtue of the Facility Agreement, it was agreed that Vault Finance will not transfer ownership and/or any other real right over the Designated Properties under any title whatsoever without the consent of BOV acting as Agent (hereinafter referred to as the Agent ). iii. In virtue of the Lease Agreement, Vault Finance leased inter alia the Marsa Power Station to the Corporation in consideration of the periodical payment of rent which Vault Finance applies towards the repayment of all or any amounts owing by Vault Finance under the Facility Agreement. 21

iv. In virtue of clause 8.3 (eight point three) (Option to Purchase) of the POS Agreement, Vault Finance granted to the Government the option to purchase the temporary dominium utile of the Designated Properties, including that of the Marsa Power Station, at any time up to and including the date of the day immediately preceding the thirty first day of December of the year two thousand and forty six (31/12/2046), for the price and under the other terms and conditions contained in the POS Agreement, which option may be exercised by the Government by giving Vault Finance three months notice in writing. v. In virtue of the RORA and subject to the terms and conditions contained therein, the Guarantor agreed to make available to the BOV acting as security trustee (hereinafter referred to as the Security Trustee ) for the benefit of the Lenders, the Letter of Guarantee and the Vendor undertook to grant to the Guarantor the Guarantee Special Hypothec in order to secure the due and punctual payment by Vault Finance to the Guarantor of the Secured Obligations. Also in virtue of the RORA and as part of the Transaction the Guarantor and Vault Finance agreed that the Guarantee Fee shall accrue as a liability of Vault Finance towards the Guarantor and shall eventually be set-off against part of the Sale Price (as this term is defined in clause 8.5.1 (eight point five point one) of the Title Deed) of the temporary dominium utile of the Designated Properties, including that of the Marsa Power Station. vi. The Guarantor made available to the Security Trustee for the benefit of the Lenders the Letter of Guarantee. vii. In virtue of the Deed of Hypothecary Security, Vault Finance granted to the Government as Gurantor a special hypothec on inter alia the temporary dominium utile of the Marsa Power Station, which special hypothec is registered in the Public Registry of Malta 22

under number five hundred and twenty one of the year two thousand and thirteen (H.521/2013) (the Guarantee Special Hypothec) in order to secure the due and punctual payment by Vault Finance to the Guarantor of the Secured Obligations. (E) The RORA provides that if the Government exercises any or all of its rights under the POS Agreement to purchase the temporary dominium utile of any one or more or all of the Designated Properties, any sums of money due and payable by the Government to Vault Finance under any consequent final deed of sale and purchase shall inter alia be applied, firstly, to pay off monies due by Vault Finance to the Lenders by way of prepayment under the Facility Agreement and subsequently, to set-off any monies due by Vault Finance to the Guarantor by way of Guarantee Fee. (F) In virtue of the RORA, Vault Finance irrevocably undertook in favour of the Guarantor, not to without the Guarantor s prior written consent transfer, let, part with, dispose of or allow third parties to use the Designated Properties under any title whatsoever save as provided in the Lease Agreement. (G) The Government has opted to exercise the option granted by Vault Finance to the Government to purchase the temporary dominium utile of the said various immovable properties or any of them, limitedly with regard to the temporary dominium utile of the Marsa Power Station for the price and under the other terms and conditions contained in the POS Agreement; (H) The Title Deed and this deed constitute an integral part of the Transaction. Now therefore, by virtue of this deed, and in pursuance of the option exercised by the Government in terms of clause 8.3 (eight point three) (Option to Purchase) of the 23

POS Agreement, Vault Finance and the Government agree to proceed to perform and complete that part of the Transaction as is included in this deed as follows: The First Part 1. Notices, Waivers and Consents 1.1 By virtue of a letter dated the sixth day of June of the year two thousand and fourteen (06/06/2014) a copy of which is annexed to this deed as a document marked with the letter E, the Government through the Commissioner of Land formally notified Vault Finance with the Government's exercise of its option to purchase the temporary dominium utile for the remaining period of the original concession, as provided in clause 8.3 (eight point three) (Option to Purchase) of the POS Agreement of the Marsa Power Station pursuant to the POS Agreement for the price of two million four hundred and thirty eight thousand two hundred and ninety two euro (EUR2,438,292) (in this deed referred to as the Price ) as stipulated in the POS Agreement and requested the agreement of Vault Finance to waive the minimum three-month period referred to in Clause 8.3.3 (eight point three point three) of the Title Deed and that a mutually convenient date, time and venue for publication of a notarial deed for the said transfer be agreed. 1.2 By virtue of a letter dated the thirtieth day of June of the year two thousand and fourteen (30/06/2014) a copy of which is annexed to this deed as a document marked with the letter F, Vault Finance gave notice to the Agent that it had received formal notice from the Commissioner of Land of the Government's exercise of its option to purchase the temporary dominium utile of the Marsa Power Station as aforesaid and requested the Agent s consent to proceed with the sale of the temporary dominium utile of the Marsa Power Station. In response, by virtue of a letter dated the seventh day 24

of July of the year two thousand and fourteen (07/07/2014) a copy of which is annexed to this deed as a document marked with the letter G, the Agent granted its consent to Vault Finance to proceed with the transfer of the Marsa Power Station. 1.3 By virtue of a letter dated the thirtieth day of June of the year two thousand and fourteen (30/06/2014), a copy of which is annexed to this deed as a document marked with the letter H, Vault Finance gave formal notice to the Government of Malta, Ministry of Finance, of the intended sale of the the temporary dominium utile of the Marsa Power Station to the Government and requested the Guarantor s consent to the sale by Vault Finance of the the temporary dominium utile of the Marsa Power Station to the Government as shall be represented by the Commissioner of Land; advised the Guarantor that payment of the Price shall be made by set-off against an equivalent sum from monies due by Vault Finance to the Guarantor by way of Guarantee Fee; requested the Government s consent for the release of the temporary dominium utile of the Marsa Power Station from the Guarantee Special Hypothec and to waive the minimum three-month period referred to in Clause 8.3.3 (eight point three point three) of the Title Deed and for the publication of the relative deed of sale and purchase on a mutually convenient date, time and venue as shall be agreed between Vault Finance and the Commissioner of Land. In response, by virtue of a letter dated the twenty first day of July of the year two thousand and fourteen (21/07/2014), a copy of which is annexed to this deed as a document marked with the letter I Alfred Camilleri, Permanent Secretary, gave his consent to the sale of the temporary dominium utile of the Marsa Power Station to the Government as shall be represented by the Commissioner of Land. 1.4 By virtue of a letter dated the twenty second day of July of the year two thousand and fourteen (22/07/2014) sent by Vault Finance to the Commissioner of Land, a 25

copy of which is annexed to this deed as a document marked with the letter J, Vault Finance acknowledged the Government s right to exercise the option and agreed to the sale of the temporary dominium utile of the Marsa Power Station to the Government under the terms of the POS Agreement for the Price, and that the Price shall be paid by set-off against an equivalent sum from monies due by Vault Finance to the Guarantor by way of Guarantee Fee and that Vault Finance had resolved to waive the minimum three-month period referred to in Clause 8.3.3 (eight point three point three) of the Title Deed and that it shall appear for the publication of the relative deed of sale and purchase on a mutually convenient date, time and venue as shall be agreed. 1.5 Clause 3.10 (three point ten) of the Title Deed provides that save as otherwise agreed on the Title Deed, the Emphyteuta is prohibited from transferring or otherwise disposing, whether in whole or in part, inter alia, either the Emphyteutical Grant of the Marsa Power Station or the Marsa Power Station without first obtaining the written consent of the Dominus, which consent may be granted or withheld in the sole discretion of the Dominus. The Vendor and the Purchaser agree that since the Purchaser is the Dominus itself, the consent of the Dominus which would have otherwise been required for this sale of the temporary dominium utile of the Marsa Power Station is not required or rather is implicit in the Government s exercise of its option to purchase the temporary dominium utile of the Marsa Power Station as aforesaid and in the Government being a party to this deed. The Second Part 2. Sale and Purchase 2.1 By virtue of this deed, the Vendor sells and transfers to the Purchaser, which accepts purchases and 26

acquires, the temporary dominium utile for the period remaining from forty five (45) years which commenced to run on the thirty first (31 st ) day of December two thousand and twelve (2012) of the Marsa Power Station, with all its rights and appurtenances, as subject to the total temporary annual and revisable ground-rent of thirty seven thousand two hundred Euro ( 37,200) (the Ground-rent) and to the applicable terms and conditions contained in the First Part, the Second Part and the Third Part of the Title Deed, and as subject to the Lease arising from the Lease Agreement to the extent applicable to the Marsa Power Station, for the hereunder mentioned Price and under the other terms and conditions contained in this Second Part of this deed. 3. Sale Price 3.1 This sale and purchase is being made and accepted for the price hereunder stated and mutually accepted by the Vendor and the Purchaser. 3.2 The Vendor and the Purchaser agree that the sale and purchase of the temporary dominium utile of the Marsa Power Station is being made and accepted for the price identified in the manner stated in the Price Schedule attached to the Title Deed (the Price Schedule ) and namely for the price of two million four hundred thirty eight thousand two hundred and ninety two Euro ( 2,438,292,) (in this deed referred to as the Price ). 4. Payment of the Price 4.1 The Vendor declares and guarantees in favour of the Purchaser that in terms of Schedule 8 (eight) (Prepayment Amount on Asset Surrender) of the Facility Agreement no part of the Price is due to BOV by way of prepayment under the Facility. 27

4.2 The Vendor and the Purchaser agree that the Price is hereby being settled by the Purchaser by set-off of an equivalent sum, namely two million four hundred thirty eight thousand two hundred and ninety two Euro ( 2,438,292,), being part of a larger amount due by the Vendor to the Government as Guarantor by way of Guarantee Fee accrued in favour of the Government to date; the Guarantor and the Purchaser acknowledge and contract such set off. 4.3 The Price having been settled in the manner stated in clause four point two (4.2) above, the Vendor hereby remits full and final receipt and acquitance to the Purchaser in settlement of the Price. 4.4 The payment on account of the Guarantee Fee in the sum of two million four hundred thirty eight thousand two hundred and ninety two Euro ( 2,438,292,) having been settled in the manner stated in clause four point two (4.2) above, the Guarantor hereby remits to the Vendor receipt of the aforesaid sum on account of the Guarantee Fee accrued in favour of the Guarantor to date and hereby reduces the sum due by the Vendor to the Guarantor in respect of the Guarantee Fee to date by the sum of two million four hundred thirty eight thousand two hundred and ninety two Euro ( 2,438,292,). 5. Other Terms and Conditions 5.1 In addition to what is already stated in respect of the Marsa Power Station in the description thereof made in the Definitions of this deed, the temporary directum utile of the Marsa Power Station is being sold and purchased: (a) with all its rights and appurtenances as owned by the Vendor and including the Immovable Things (insofar as such Immovable things are situate within or 28

connected or ancillary to or serve the Marsa Power Station); (b) as enjoying and as subject to all easements (if any) which as at today exist for the advantage of, or as a burden on, the Marsa Power Station, as the case may be, and the Purchaser acknowledges and accepts the provisions of clause 1.1.4 (one point one point four) in so far as the Marsa Power Station is interconnected to the Network (as this term is defined and described in the Title Deed); (c) as subject to the applicable terms and conditions arising from the First Emphyteutical Grant or the Second Emphyteutical Grant as and to the extent applicable to the Marsa Power Station; (d) as subject to the Ground-rent, which Ground-rent is payable and revisable in the manner set out in the First Part or the Second Part of the Title Deed as applicable; (e) together with the Movable Items situated within or connected or ancillary to or serve the Marsa Power Station as at today, tale quale and in an as is state and condition, provided that the term Movable Items shall not include movables which are not owned by the Vendor as at today; which Movable Items being transferred together with the Marsa Power Station are being transferred for no consideration and therefore for zero value. (f) tale quale and in an as is state and condition; (g) as subject to the Lease and to the applicable terms and conditions arising from the Lease Agreement as and to the extent applicable to the Marsa Power Station. Provided that, since the Purchaser is the Dominus of the temporary dominium directum of the Marsa Power Station and also the absolute owner of the Marsa Power 29